For years, Hong Kong has been a major business hub due to its open borders and unrestricted movement of people, particularly by air travel. But, CCP ensured that the enthusiastic city gets imprisoned in a jail of restrictions.
Due to CCP’s action, The region has slipped to 77th place on a liveability ranking, dropping 19 places since last year. Moreover, The region is currently under the strictest lockdown. Due to this, strict rules like quarantine and testing have been enforced.
In the midst, Finance Tycoons in Hong Kong are moving out to other cities outside China. CCP may stress that its Zero Covid Strategy to contain Wuhan Virus is working. But, this baseless strategy of China is threatening Hong Kong’s global status as a finance center.
Vietnam is the most preferred location
The most preferred location for Hong Kong’s businessmen these days is none else than Vietnam and it is for a reason. In recent times it has emerged as the fastest-growing economy in Southeast Asia, and its GDP growth is clocking higher than China.
Moreover, CK Asset Holdings, founded by Hong Kong tycoon Li Ka-Shing has also announced that will invest in real estate in Ho Chi Minh, a city-based in Vietnam. Shing leaving Hong Kong is a major indication that Vietnamese businesses will follow his suit as he is considered a Bellwether for Asian Investors.
CK Asset Holdings is one of the largest real estate developers in Hong Kong, holding more than $80 billion worth of assets and more than $50 billion in equity. The CCP wanted Sing and other businessmen to invest in mainland China. But, they refute.
These businessmen have a long history of getting penetrated by Beijing. For instance, China’s mouthpiece, Xinhua News Agency 2015 issued a story titled “Don’t Let Li Ka-Shing Leave,” as he was looking to move out of China.
Now, he has sneakily moved his assets again and keenly explored Vietnam as a new investment territory because Vietnam’s economy is rapidly rising.
Read More: 12 out of 18 Chinese IPOs in Hong Kong crash to the bottom as Jinping’s decisions backfire
The Trend Continues
More and more Hong Kongers are leaving the city and flocking to other cities, this is a continuous trend. Hong Kong residents have been leaving even before the COVID outbreak because of China’s increased control over the territory.
Singapore became a popular choice for people looking to escape Hong Kong’s stringent regulations while remaining in the same geographic area and time zone. Banks such as SocGen, Citigroup, and JPMorgan Chase have also relocated banks from Hong Kong to Singapore.
And now, Vietnam has also joined the list. Its Foreign trade is booming, domestic demand is boosted, and asset prices are rising. Furthermore, the economy is showing amazing dynamism. Very soon, a similar cycle of events will be visible in Vietnam.
Read More: “Hong Kong just feels backward,” Hongkongers start flocking to Singapore en masse
The city was once free, now the CCP has ensured that everything stays regulated. This is what happens when you try to take away the freedom of people, they simply escape away. The Hongkongers are sneakily pulling out their wealth to Vietnam right under Xi’s nose
Xi-Jinping’s actions with an ambition to control Hong Kong are not getting support from the locals and people who actually contributed to its growth. As a result, they continue flocking away from the city.
